Last week’s Rise of the Rest tour stop in Indianapolis was a powerful testament to the continued emergence of central Indiana’s tech and innovation prowess. Before sharing some of the panel insights and a few observations, a little dose of reality must be included.
This was the 31st stop in recent years for AOL co-founder Steve Case and his traveling team. That means a lot of other cities and regions are also upping their games. In other words, we must keep advancing. Plenty in the Midwest and beyond are also pulling out all the stops to attract innovators, entrepreneurs and the jobs that come with their ideas.
A daylong series of events included a fireside chat at The Union 525 (recall our BizVoice® story earlier this year on the then emerging venue). Case, author/investor J.D. Vance, Federal Communications Commission (FCC) chairman Ajit Pai and former U.S. chief technology officer Megan Smith shared these gems, among others:
- Case referred to ExactTarget as the “type of breakout iconic success that puts cities on the map.” He added that Indianapolis should be proud of what has been accomplished “but the next five to 10 years is the time to really accelerate.”
- Calling the internet the “great equalizer,” Pai contends: “To me, no issue for the FCC is greater than closing the digital divide.”
- Giving the example of doctors serving in the surgeon general role, Smith reminds that it’s important to “make sure entrepreneurs are in the room when determining entrepreneurship policy.” (A dictionary entry on that might point to Indiana and the 2017 legislative session).
- Vance, speaking of the “downstream effects of the start-up economy” and the need for additional talent: “How do we take that person who has been out of the labor force and bridge the gap – marshal the resources that are on the sidelines.”
Case wrote The Third Wave: An Entrepreneur’s Vision of the Future. He notes the first wave was a decade-long effort (with 300 partners) in going from 3% of Americans online an average of one hour a week in 1985 to truly getting America online. The second wave was building out software services with a focus on apps, not partnerships.
“The third wave is integrating the internet in a much more pervasive way. It’s not about software but getting people and companies to integrate. Companies that think they can go it alone will fail. It’s the old proverb: If you want to go quickly, you can go alone. If you want to go far, go together.”
Asked about lessons they were taking away from their day in Indianapolis, several agreed on the strong culture and passion in the community. Vance added, “Entrepreneurs who had success are reinvesting in the ecosystem. It absolutely makes a difference. It’s not just the money, but the mentoring and the relationships.”
A student in the audience sought their advice for a young entrepreneur …:
Vance: “Don’t think you have to be the person with the idea. Being the fourth, fifth, 12th person in a high-growth company is a good thing.” (Stay tuned for a similar local sentiment in the coming weeks).
Pai: “Seek out people who fascinate you. People are happy to talk with you and share ideas.” (That is certainly the case in Indiana).
Case: “Pick a battle worth fighting. Don’t pick an easy problem. You only live once.” He recalls this comment from Nelson Mandela: “It always seems impossible until it happens.”